Question - During his summers, Jerome volunteers at the Red Cross, works 10 hours a week at social service organizations, and saves some money for college. He is about to start his junior year of college, and unfortunately he's out of money. The two year tab for tuition, room, board and books is nearly $20,000. He has the option to borrow the money through low-interest student loan programs. As a result, Jerome is thinking about taking out student loans so he can finish school and get a job to pay them off quickly.
Should Jerome take out the student loans to pay for the last two years of college? Why or why not
If he doesn't take out the loans, what other options does he have to pay for tuition, room, board and books?
Is it reasonable for Jerome to believe he can find a good job to help him pay off the student loans quickly? Why or why not?
Is there another way he could save up the $20,000 he needs for the last two years of college?